F1 has been a farce for quite a few years now. The regs are not designed to promote good racing. For instance the FIA like wings because they are great billboard space for sponsors; consequently they love the pitstops because it gives valuable time with the sponsors' logos filling your TV screens.
They should do away with wings so that cars can follow closely without loss of downforce; this would promote overtaking on the entrance to bends, and wings have no relevance to real world cars. They ought to do away with pitstops for fuel, allowing them only for tyre changes after punctures, or rain. The challenge of doing a full race with one tank of fuel might actually lead to more economical engine designs with a spin-off for everyday drivers. Races should not be won, or lost, on pitstop strategy - it ought to be drivers and cars that decide a race. Other regs ought to be kept to a bare minimum to promote innovation.